The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today issued a time-limited no-action letter stating that DCR will not recommend that the Commission take enforcement action against OTC Clearing Hong Kong Limited (OTC Clear) for failing to register as a derivatives clearing organization (DCO) pursuant to Section 5b(a) of the Commodity Exchange Act (CEA) or U.S. clearing participants of OTC Clear for failure to clear certain interest rate swaps and certain non-deliverable forwards through a registered DCO pursuant to Section 2(h)(1)(A) of the CEA and the implementing regulations thereunder.
More information via press release: http://www.cftc.gov/PressRoom/PressReleases/pr6922-14
